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Confronting The Greatest Challenges Facing The Claims Industry; Vivek Gujral, CIO

Podcast: What is the greatest challenge facing the claims industry in the next five years, and how is the industry addressing it?

 

In this episode of OneShield’s podcast series, CTO Vivek Gujral discusses how to confront challenges faced in the insurance claims industry.

 

Categories of claims incidents

  1. Acts of God
  2. Intentional acts of bad judgement
  3. Statistically likely accidents

Biggest challenge for claims?

Acts of God arising from environmental volatility

What to do?

  1. Focus on prevention of losses
  2. Incident policyholders to mitigate

The Big Trend

  1. A focus on prevention or loss reduction rather than on being better at accepting claims
  2. Foresee a new industry emphasis on providing loss prevention services in addition to insurance coverage